Etsy Inc. prices IPO at $16 a share

CorrieDriebusch

Etsy

Etsy made effort to sell shares to smaller investors.

Etsy Inc., an online marketplace for handmade and vintage goods, priced its initial public offering at $16 a share on Wednesday, at the high end of its range, according to a person familiar with the offering.

The deal raised about $267 million by selling 16.7 million shares and gives Etsy
ETSY, -1.59%
a valuation of $1.8 billion. That total doesn’t count a so-called overallotment option, which gives underwriters the opportunity to sell additional shares under certain circumstances.

The company had planned to sell 16.7 million shares in the range of $14 to $16, according to a regulatory filing.

The IPO broke somewhat from tradition in terms of its structure. Hearkening to its roots as an online marketplace for the masses, in its IPO the company made a concerted effort to sell shares to a large swath of smaller investors and focus on fewer big investors.

For its IPO, the Brooklyn-based company set up a program that gives small investors the opportunity to buy as much as $2,500 in Etsy stock in its IPO. It also concentrated shares among a smaller number of institutional investors than is typical in IPOs, frustrating some fund managers, according to people familiar with the process.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information. Intraday data
delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc.
All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More
information on NASDAQ traded symbols and their current financial status. Intraday
data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM)
from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is
at least 60-minutes delayed. All quotes are in local exchange time.